PayPal Pauses UK Crypto Sales Until 2024

By Rahul Bhagat 17.08.23

PayPal will halt cryptocurrency purchases for UK customers starting in October, aligning with new regulations on crypto promotions.

The UK's financial regulator will implement stricter rules, including risk warnings and removing "refer a friend" bonuses for crypto firms.

Customers will temporarily lose the ability to buy crypto on PayPal's platform from Oct. 1, with plans to resume in early 2024.

As conveyed in an email to customers, PayPal emphasized its cooperation with global regulators to adhere to market-specific rules.

While crypto purchases will be paused, customers can still hold and sell their existing holdings anytime.

This move follows the trend of regulators worldwide increasing efforts to oversee crypto assets and comes after PayPal's launch of a USD stablecoin.